Protecting an inheritence

B

bearcats

New Member
Jurisdiction
New Hampshire
I am disabled and am only able to survive because I get social security. However, that is nowhere near enough to live on alone. I also get a rent subsidy, based upon my income and disablity. This comes from the state I live in. Since I want to retain this subsidy, I can't/won't mention the state.
My parents just died, both leaving behind money and land.
When this is sold off, I want to protect this money from taxes and I want to prevent this influx of money from disqualifying me from my rent subsidy.
I have nothing in the bank. I live hand-to-mouth, so there is no way I could afford a lawyer.
Is there any type of legal device, such as a trust, that I could set up to protect the money that will be coming? My parents died in New Hampshire. I live elsewhere.
 
bearcats said:
I am disabled and am only able to survive because I get social security. However, that is nowhere near enough to live on alone. I also get a rent subsidy, based upon my income and disablity. This comes from the state I live in. Since I want to retain this subsidy, I can't/won't mention the state.
My parents just died, both leaving behind money and land.
When this is sold off, I want to protect this money from taxes and I want to prevent this influx of money from disqualifying me from my rent subsidy.
I have nothing in the bank. I live hand-to-mouth, so there is no way I could afford a lawyer.
Is there any type of legal device, such as a trust, that I could set up to protect the money that will be coming? My parents died in New Hampshire. I live elsewhere.
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How much money are you talking about?
 
It possibly would have been better to have the inheritance put in a third-part special needs trust for you, but you can still form a first-party special needs trust for the inheritance that will put it out of immediate reach and preserve your existing benefits Of course, medicaid will have claim to it when you die. You should consult an attorney.
 
flyingron said:
It possibly would have been better to have the inheritance put in a third-part special needs trust for you, but you can still form a first-party special needs trust for the inheritance that will put it out of immediate reach and preserve your existing benefits Of course, medicaid will have claim to it when you die. You should consult an attorney.
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Thank you. I am sorry that I was not clear. I subsist on a very small social security disabilty pension. There is no way I could afford an attorney, and free clinics don't handle thise type of issues. Note that the estate has not been settled yet.
 
bearcats said:
I do not know for certain. My guess is around $400 thousand.
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Once a lawyer learns about the potential $400K, he or she will represent you and help protect your money.

Interview a few lawyers and hire one.

Don't entertain for one second any free advice about your money, otherwise you WILL get scammed.
 
Zigner said:
Right - it's better (for him) to stay on the dole.
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It's not the "dole." Social Security DISABILITY Income is not needs based and therefor assets (like a $400,000 inheritance) are not at issue or at risk. EARNED INCOME may reduce SSDI benefits but not an influx of assets.

I just went through all this stuff with my sister who qualified for SSDI because cancer disabled her and prevented her from working.

bearcats said:
I subsist on a very small social security disability pension.
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If it's SSDI then the inheritance should have no effect.

If it's SSI (Supplemental Security Income) then, yes, you may have to use that inheritance to support yourself until you can again qualify for SSI.
 
bearcats said:
Since I want to retain this subsidy, I can't/won't mention the state.
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Ummm...huh? Putting aside the fact that your post is tagged as relating to New Hampshire, what would make you think that mentioning your state might jeopardize your subsidy?

bearcats said:
When this is sold off, I want to protect this money from taxes
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What taxes? The estate might have to pay some property and other taxes, but you shouldn't have any taxes since neither the federal government nor the State of New Hampshire has an inheritance tax (and NH doesn't have an estate tax, and the federal estate tax threshold is extremely high).

bearcats said:
I want to prevent this influx of money from disqualifying me from my rent subsidy.
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Why? If you're looking at receiving $400,000, there's no way on Earth that you should still be receiving a rent subsidy. Pay your own way.

adjusterjack said:
It's not the "dole." Social Security DISABILITY Income is not needs based and therefor assets (like a $400,000 inheritance) are not at issue or at risk. . . .

If it's SSDI then the inheritance should have no effect.
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The OP's concern is not the SSDI income. Rather, it's that the inheritance may impact the "rent subsidy, based upon [his/her] income and disablity [sic]," which "comes from the state" in which the OP lives.
 
My son has severe disabilities, only one leg, and has had pancreas and kidney transplants. If I gave him $400,000, he'd burn through that in a very short period of time just on his anti-rejection drugs. By carefully funding things (he lives in a condo I provide and the rest is handled by special needs trust), he can get a little better quality of life.
 
I created a special needs trust for our son when he became a quadriplegic, while also succumbing to noxious brain damage as a result of one of his many surgeries back in 2001.

I sued the drunk driver, his insurance company, the hospital and anesthesiologist for their part of the tragedy on behalf of his two daughters, my wife, his estate.

Our judgments totaled well into seven, lovely figures.

A special needs trust is the way to care for those who suffer from severe illnesses or trauma, and ensure they are cared for long after the loved ones and caregivers have passed on.

My wife became his court appointed conservator, and also administered his special needs trusts, which was held by a large bank.

Upon his death, his special needs trust went to our two grands, and they were able to use theirs to fund their college education (under my wife's watchful eye and the bank's oversight).

Sadly, Jon passed away in 2011.
 
zddoodah said:
The OP's concern is not the SSDI income. Rather, it's that the inheritance may impact the "rent subsidy, based upon [his/her] income and disablity [sic]," which "comes from the state" in which the OP lives.
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Then I agree. A $400,000 windfall would disqualify him from the rent subsidy, as it should.
 

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